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Fartcoin Breaks Support: Rising Wedge Collapse Hints At 50% Downside
By confirming a breakout from a rising wedge, Fartcoin suggests prices are likely to fall.
A fall by 50% would likely send the price down to $0.60.
Support at $1.16 is under pressure, with resistance capped near $1.26.
With a market capitalization of $847 million, Fartcoin (FARTCOIN) has broken out of a rising wedge and is now likely to move lower. Since mid-March, the price has been moving inside an ascending wedge, but now it has fallen below the lower line, meaning another decline could happen.
Fartcoin Breaks Bullish Trend, Bears Take Control
The most recent data indicates that Fartcoin is trading for $1.24 , a decrease of 5.1% from the previous day. The market break has made the previous bullish structure no longer valid. At this moment, $1.16 is the support level, while $1.26 serves as resistance. Considering the height of the wedge, analysts expect an over 50% drop that could pull the price down to the $0.60 area quickly.
The newest red candle breaking the trendline indicates that bears are in control. The recent decline in prices has moved the trend below a short-term upward line that used to mark higher lows. If Bitcoin doesn’t quickly climb above $1.26, the market might continue to struggle to attract buy interest.
Market Conditions and Cautious Outlook Ahead
Overall, there is a sense that bullish momentum is declining and Fartcoin is going in the same direction. Not having much support below the current price level increases the possibility that selling will continue. In addition, as the market falls, the decreased trading activity suggests that investors are feeling less optimistic.
Many market players may be rethinking how exposed to risk they are, now that momentum indicators are displaying crossing points away from bullishness. Many traders are monitoring the break of the $1.16 support, although the trend from the previous pattern suggests bears are still leading.
Even though there can be no sure prediction, the pattern of the chart and price suggest that Fartcoin could see a downturn unless it experiences a big surge upwards. Because of this, technical analysts are considering the rise of the rising wedge breakdown as a reason for caution.